Inter-Pacific Securities Sdn Bhd Head of Research Pong Teng Siew said buying support was mainly seen in consumer and industrial products-related stocks which had regained traction among local funds after the 14th General Election (GE14) on May 9.

"For instance, investors have been revisiting Muda, involved in paper and paper packaging industry, which was very popular three months ago before the market took a dip post-GE14.

"The buying momentum had pushed up the market today," he told Bernama.

However, Pong noted that the uptrend was capped by profit-taking by retail investors who took money off the table from recent gains.

"Retail investors who have bought stocks like Frontken or MRCB or some other small-cap stocks have positioned themselves to sell right now," he added.

Of the heavyweights, Petronas Chemicals inched up one sen to RM9.21, Public Bank, Tenaga and CIMB were unchanged at RM24.40, RM15.78 and RM5.93, respectively, while Maybank gave up one sen to RM9.89.

Among actives, MRCB rose four sen to 87 sen, Foundpac went up three sen to 41 sen, Key Asic improved half-a-sen to 22 sen while both Borneo Oil and Nova MSC were flat at six sen and 18 sen, respectively.

Starting April the banks have imposed a 50 sen processing fee on top of the 15 sen stamp duty on each cheque. The fee also applies to those applying for a Bankerâ€™s Cheque, Bank Draft and Cashierâ€™s Order. Do you think this additional charge is justified?